Commodity Update

NCDEX reduces position limits of near-month sugar contacts to check speculation

National Commodity and Derivative ExchangeThe positional limits of the near-month sugar contracts have been revised by the foremost agri-commodity bourse NCDEX - National Commodity and Derivative Exchange - in an attempt to check the mounting speculation in sugar future trading.

Base Metals Trading Tips and Commodity Market Update: Nirmal Bang

copper wireNickel was the only metal which witnessed a rise in base metals complex on the ground of a draw down in LME inventory, a marginal increase in cancelled warrants and announcement of a production cut by Vale, one of the world’s largest producer of Nickel. It surged by Rs. 10.9, settling down at Rs. 642.40. Copper and Zinc dropped by
1.9% and 2.2% and ended the day at 234 and 76.55 respectively on MCX.

Aries Agro inks MoU with MCX

Aries Agro inks MoU with MCXMumbai-headquartered Aries Agro Ltd has informed that it has entered into an agreement with Multi Commodity Exchange of India Ltd (MCX).

Under the MoU, Aries Agro will utilize the network of Gramin Suvidha Kendra (GSK) - a joint initiative of India Post and MCX - for promoting its products and supporting the sales initiatives.

This deal will provide Aries Agro an immediate access to 160 Branch Post offices serving 768 Villages in 5 States of Maharashtra, Madhya Pradesh, Uttar Pradesh, Gujarat and Karnataka, which are currently part of the GSK Network.

Base Metals Trading Tips and Commodity Market Update: Nirmal Bang

copperCopper, nickel and zinc prices rose more than 4 percent on Wednesday as global share price gains, fuelled by stronger than forecast U. S. jobs data that helped lift demand sentiment.

Shanghai copper prices rallied sharply on Thursday (0830 IST), chasing steep gains in London after a U. S. private sector jobs report injected further confidence into investors hoping the worst of the economic downturn has passed.

Monthly Outlook Report (May 2009) for Copper: Nirmal Bang

Monthly Outlook Report (May 2009) for Copper: Nirmal BangCopper is moving in the Uptrend in the medium term.

Copper is expected to move up from the support line at 220.

Copper can move up to 260-65, if crosses the earlier high at 242 levels.

One should maintain a stop-loss of 208 in the buy position in copper at 215-20 levels, targeting 242 and 265.

Market News:

Copper production at Chile's Escondida mine, the world's largest, slumped 45% in the first quarter from a year ago to 156,400 tonnes, part-owner Rio Tinto Ltd PLC said on Wednesday.

Monthly Outlook for Base Metals (May 2009): Nirmal Bang

Monthly Outlook for Base Metals (May 2009): Nirmal BangBase Metals: Most of the metals settled in the negative territory following the outbreak of Swine flu across the globe, an add-on to the deteriorating economic scenario.

The overall scenario turned gloomy on back of reports released by various international groups indicating dwindling demand and cut down in production. Lead took the highest hit, shedding 13.71% during the fortnight, followed by copper, which lost 8.82% during the same period.

Monthly Report of Commodity Market: Nirmal Bang

Monthly Report of Commodity Market: Nirmal BangCommodity space has been quite vibrant during the last month with base metals and energies complex leading the way and precious metals losing their shine. The lag effects of global stimulus packages were quite evident in the bull run of commodities.

Base Metals Trading Tips and Commodity Market Update: Nirmal Bang

Copper WireCopper prices rose in London and Shanghai on Wednesday (0830 IST), buoyed by positive U. S. purchasing manager data and comments by Federal Reserve Chairman Ben Bernanke that markets are in "far better shape" now than last year.

LME copper stocks fell 3,775 tonnes to 394,925 tonnes, their lowest since mid-January. The ration of material scheduled for delivery out of inventory dropped to 79,450 tonnes, down from 83,100 tonnes at the end of last week.

Base Metals Trading Tips and Commodity Market Update: Nirmal Bang

Copper WireCopper prices rose in London and Shanghai on Wednesday (0830 IST), buoyed by positive U. S. purchasing manager data and comments by Federal Reserve Chairman Ben Bernanke that markets are in "far better shape" now than last year.

LME copper stocks fell 3,775 tonnes to 394,925 tonnes, their lowest since mid-January. The ration of material scheduled for delivery out of inventory dropped to 79,450 tonnes, down from 83,100 tonnes at the end of last week.

Indian soyoil and soybean futures mount sharply on global cues

soyoil and soybean According to analysts' reports, as a result of an ascend in soybean and soyoil markets on CBOT - Chicago Board of Trade CBOT - during electronic trade, and steady Malaysian palm oil markets, Indian soyoil and soybean futures mounted sharply for second successive day on Monday.

Due to the strong global cues, June soybean contract NSBM9 on the National Commodity and Derivatives Exchange (NCDEX) rose to Rs 2663.50 per 100 kg on Saturday, and to Rs 2,839 per 100 kg on Monday morning; with the domestic as well as global soybean supply being 'tight.'

Base Metals Trading Tips and Commodity Market Update: Nirmal Bang

copperMost of the metals ended the day on a downward note taking cues from the worsening Swine flu situation and weakening demand outlook across the globe. The worst hit was nickel, shedding $575 and closing the day at a three week low of $10800 on LME .

Latest data from the International Copper Study Group (ICSG) confirmed the gloomy demand outlook. ICSG said the world copper market saw a surplus of 155,000 tonnes in January, compared with a deficit of 22,000 tonnes in January 2008.

Base Metals Trading Tips and Commodity Market Update: Nirmal Bang

nickelBase metals witnessed range bound trading session and ended the day with negative bias, Copper and zinc shed more than 4% discounting the flu to snow ball into a pandemic and derail the global economy's nascent recovery.

Nickel fell by 5.4% on account of heavy selling by traders and speculators in tandem with a weakening global trend. Reduced off take by consuming industries, such as stainless makers also weighed on nickel prices.

Base Metals Trading Strategy and Commodity Market Update: Nirmal Bang

copperBase Metals floated higher with the equities markets and mostly ended higher than their previous close. Three month LME Copper rose by $150 to end at $4470 and the three month LME Nickel rose by $475 to finish the day at $1150.

Copper futures edged higher on Fridaytracking a fall in LME inventories. Copper stocks on the LME fell by 10,925 tonnes to 429,500 tonnes. Some traders are of the view that China's State Reserves Bureau (SRB), which bought 350,000 tonnes of copper cathode in the first quarter of 2009, could sell around 50,000 tonnes of copper to cash in on recent rallies.

Base Metals Trading Strategy and Commodity Market Update: Nirmal Bang

copperBase metals witnessed correction during yesterday session where most of them fell by 3-4%. Weak housing numbers coupled with rising jobless claims raised concerns about demand for non ferrous metals.

Japan's output of rolled copper products fell by a record 60 percent from a year earlier in March, data showed on Friday, illustrating the sharp collapse in industrial demand from the world's fourth-biggest consumer. Japan's output of rolled copper products fell to 32,338 tonnes in March on a seasonally adjusted basis, down 60.2 percent from a year earlier, preliminary industry data from the Japan Copper and Brass Association showed.

Base Metals Trading Strategy and Commodity Market Update: Nirmal Bang

aluminiumBase metals witnessed range bound trading session and ended the day with negative bias, Three-month copper on the London Metal Exchange fell $150 to $4,390 per tone and metals like Zinc and Nickel also went down sharply.

Chinese buying for stockpiling purposes had helped push copper prices higher this year touching six-month peaks last week but Beijing's State Reserves Bureau may be done buying for now, having breached its target volume and given the current price levels. The global copper market was in a surplus of

Base Metals Trading Strategy and Commodity Market Update: Nirmal Bang

copperBase metals witnessed sharp gap down opening on MCX as fall in equities market on Monday triggered selling in non ferrous metals, later during the evening session speech by U. S. Treasury Secretary reduced anxiety amongst traders.

Base Metals Trading Strategy and Commodity Market Update: Nirmal Bang

metalRisk aversion and stronger dollar have victimized base metals complex. We have seen sharp correction in copper, nickel, zinc and lead. Despite of drawdown in inventories, copper prices plummeted on LME.

Industrial metals slid on Monday with copper tumbling about 5 percent as skidding equities underlined concern about the economy and demand, while a stronger dollar exerted downward pressure. Copper inventories in LME warehouses fell by 7,300 tonnes to 462,325 tonnes, having dropped nearly 80,000 tonnes since mid-February. Cancelled warrants stocks earmarked for delivery rose to 68,325 tonnes from 64,400 tonnes on Friday.

NCDEX and MCX impose additional margins on potato futures

NCDEX and MCX impose additional margins on potato futures In its endeavor to overcome volatility in potato futures trade, National Commodity and Derivatives Exchange (NCDEX) and Multi Commodity Exchange (MCX) of India have imposed a 10 percent additional margin on sale positions and 15 percent margin on buy positions.

While the MCX margin order takes effect from April 18; an unnamed official said that the NCDEX margins "will be effective from April 21."

Base Metals Trading Strategy and Commodity Market Update: Nirmal Bang

copperBase metals extended their gains on LME and Comex due to drop in inventories, increased optimism in financial markets and expectation of further Chinese buying. Three-month copper on the London Metal Exchange fell to $4731 per tone down by $72 after closing up $74 on Friday.




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